NQ Mobile said on Friday it was confident of the accuracy of all its previously reported financial reports and filings.

Albert Fried & Co analyst Sachin Shah said Teo could have left after the company filed its results, which have already been delayed.

"That would have been the best case scenario. It's very hard for the market to digest that he is leaving for personal reasons in light of the fact that there is pending work," he told Reuters.

The company, which was due to file its annual report in May, said it needed additional time to file the report.

Teo joined NQ Mobile as chief financial officer in September 2013. He was the lead banker for NQ Mobile's initial public offering on the New York Stock Exchange in 2011, according to a profile on the company website.